Europe has about 6 weeks of aviation fuel. This was stated by the head of the International Energy Agency (IEA), quoted by the Associated Press. Fatih Birol warned that it is likely to lead to flight cancellations if oil supplies remain blocked due to the war in Iran.
He painted a sobering picture of the global consequences of "the biggest energy crisis we have ever faced". According to him, the disruption of supplies through the Strait of Hormuz would have serious consequences for the world economy. The longer this continues, the worse it will be for economic growth and inflation around the world, he said.
The effect will be higher gasoline prices, higher gas prices and higher electricity prices, Birol said. He noted that some countries will be hit harder than others. The IEA chief singled out Japan, Korea, India, China, Pakistan and Bangladesh as countries on the front lines of the energy crisis.
"The countries that will suffer the most will not be the ones whose voices are heard a lot. These will mainly be developing countries. The poorer countries in Asia, Africa and Latin America," he explained. Birol indicated that it will then reach Europe and the Americas. According to him, if the Strait of Hormuz remains closed, flights from point A to point B will soon cease due to a lack of aviation fuel.
Birol does not approve of the fees imposed by Iran for ships to pass through the key sea route. He said there is a risk of setting a precedent that could be applied to other sea routes.